What is a Telegraphic Transfer (TT)?
A Telegraphic Transfer (also known as a “Wire”) is an electronic transfer of funds directly credited to a beneficiary’s overseas bank account. A choice of more than 130 currencies is offered
Why should I use a TT?
- In most cases a TT is the quickest way to send funds abroad (a TT will normally take one to two business days to reach the beneficiary)
- Sending a TT in the beneficiary’s currency is usually more cost effective and helps ensure the funds are credited more quickly, as the payment can go “straight through”
What details do I need to send a TT?
You will need to provide full details of the beneficiary’s bank account, including their IBAN (International Bank Account Number) if they are in Europe.
To comply with Australian Government regulations you must also provide the beneficiary’s full street address.
Please note that TT’s are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment. Any such fees are totally out of Fire Service Credit Union and Western Union Business Solutions’ control. Given that a network of banks is used to complete your telegraphic transfer, the time it takes for your payment to be credited can not be guaranteed.
If you have decided that a TT is the payment method for you, please contact Fire Service Credit Union to organise your payment.
How does a Draft work?
A Draft is like a bank cheque made out in a foreign currency. It’s another way for you to make payments and settle a transaction overseas, especially if you don't have the receiver’s electronic bank account details. Drafts can be sent overseas via mail and are available in a wide range of currencies.
Why should I use a Draft?
- Access to more than 24 currencies
- Can be enclosed with letters or invoices and forwarded direct to the beneficiary
- Should your Draft go missing in transit, upon your notification, Western Union Business Solutions will normally be able to put a stop on it and issue a replacement. Conditions apply – see the Drafts Product Disclosure Statement.
- Offers security around payment – Drafts are a non-negotiable instrument and can only be credited to the beneficiary’s bank account, unless the beneficiary has endorsed the draft.
What transfer details do I need to supply?
For us to arrange the draft you will need to provide us the details of the person you're sending the money to (beneficiary).
- Person's full name
- Person's full street address
- Any special instructions for the transfer
- Currency and amount
How do I arrange a Draft?
- Fax the transfer details to: Fire Service Credit Union on 08 8204 3880
- Drop into your nearest branch
The financial products referred to in this communication are provided by Travelex GBP Australia Pty Ltd ABN 24 150 129 749 AFSL 40409, trading as Western Union Business Solutions, under its agreement(s) with your Financial Institution. Fees & Charges and Terms & Conditions apply. To help you make an informed decision about whether to acquire a Western Union Business Solutions product through your Financial Institution you should read this guide. We do not provide advice about this product based on any consideration of your personal objectives, financial situation or needs. To decide if it is right for you please carefully read the Drafts PDS.
This communication has been prepared solely for informational purposes and does not in any way create any binding obligations. The relationship relating to the financial products referred to in this communication are solely between you and the Financial Institution. No representations, warranties or conditions of any kind, express or implied, are made in this communication.
Western Union Business Solutions is an operating division of the Western Union Company. Western Union acquired Travelex GBP Australia Pty Ltd in 2011, and is the issuer of the financial products referred to in this communication.